KNC Technical Analysis: Selling Pressure Grows Within The Range

The Kyber Network (KNC) price action fails to beat the $1.55 resistance level resulting in a downtrend within the consolidation range.

Key Technical Points:

• The KNC prices dropped by 8.70% in the last 24 hours.
• The price action showcase further sideways continuation within the accumulation zone ranging from $1.18 to $1.55.
• The 24-hour trading volume of Kyber Network is $47.07 Million, indicating a drop of 11.90%.

Past Performance of KNC

The Kyber Network (KNC) price action displays a sideways trend continuation after a sharp selloff of 45% in the first two weeks of June 2022. The consolidation range between $1.18 and $1.55 keeps the market value trapped for more than a month. Additionally, the recent bull cycle failed to exceed the overhead resistance due to the increased selling pressure from the 50 days average line.

Source — Tradingview

KNC Technical Analysis

The KNC price chart displays a bearish crossover of the 100 and 200-day SMAs, reflecting a selling opportunity. Hence, the technical chart shows an increase in the underlying bearishness and warns of a fallout below the $1.18 support level. The RSI indicator maintains a neutral point of view as the RSI slope continues the sideways trend near the halfway line. Additionally, traders will find a selling opportunity if the RSI slope drops under the 14-day SMA. Furthermore, the MACD indicator reflects a positive trend continuing in the past and slow line to approach the zero line. Hence, the technical indicator reflects increasing buying pressure, but the positive histogram’s falling trend reflects a bear cycle. In a nutshell, the KNC technical analysis displays a bearish trend continuation possibility to the $1.18 support level.

Upcoming Trend

Considering the Kyber Network (KNC) prices sustain above the $1.18 support level, traders can expect a sideways continuation within the range. However, a dip under the range will drop prices to the psychological mark of $1. Resistance Levels: $1.55 and $2 Support Levels: $1.18 and $1

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